Despite high oil inventories in Organization for Economic Cooperation and Development (OECD) countries, crude oil prices rose steadily in March, 2009. Lower crude oil production by members of the Organization of the Petroleum Exporting Countries (OPEC) has lowered world petroleum supplies, substantially offsetting reduced oil demand caused by the global economic recession. Higher oil prices, as well as the change in market sentiment to a slightly less pessimistic outlook, may also reflect the market's belief that economic recovery policies from central banks and governments have slowed down the decline in demand and even improved the chances for an economic upturn and, consequently, higher oil demand, later this year.
The APAC regional government’s continued commitment to promote private-sector investment in order to meet worldwide energy demands promises massive rewards to a host of organisations, from National Oil Company subsidiaries, indigenous providers and international oilfield service companies all of which are well-established within the region or are looking to target APAC for the very first time. Expanding economies in Malaysia, India, China, and all of Southeast Asia are creating enormous demand for oil and gas. As a result, offshore activity in the Asian arena is rapidly increasing beyond all historical levels. In 2012, the Asia-Pacific crude oil market is forecast to have a value of $1.15 trillion, an increase of 120.3% since 2007.